Homeowners in the state of California who may have miussed a mortgage or a tax payment are getting some relief from state, according to the Los Angeles Times.
The federal government awarded California $1 billion to help homeowners who fell behind on their mortgage payments during the pandemic as part of the America Rescue Plan Act of 2021, and the state used the money to offer up to $80,000 to low and moderate-income level homeowners with mortgage debt, deferred monthly payments and even overdue property taxes, per the report.
These are not considered loans and therfore do not require being paid back. However, the are payments that the state makes on the borrowers’ behalf to clear their mortgage or property-tax debt.
The latest extension for assistance is available for qualified homeowners who have meast at least two mortgage payments by February 1st and remain in arrears, or homeowners who have missed a least one property tax payment by February 1st.
Various restrictions to apply, and it may be something real estate agents may want to keep up with as well, as it will likely be a talking point.